Business impact:

US$40 million in cost savings through collaborative business projects and sustained thought leadership through data-driven analytics and intelligent reporting.

Reduced operating costs by 5% to 7% YoY

Increased self-service penetration by 25%

Increased first call resolution by 12%

Improved customer satisfaction scores by more than 700 bps

Business challenge

A Fortune 100 financial services firm based in the United States with assets of more than US$25 billion needed to optimize its customer service operations of its cards’ division. The company has customer service call centers set up across more than 15 sites in the U.S., the Philippines, and India, with 2,500+ customer service representatives handling 100MM+ calls per year to address customer queries about a broad range of financial products. In addition to telephone, the firm offers customer service capabilities over IVR, web, mobile servicing, and e-Chat.

Before the engagement, disjointed databases and processes had reduced the potency of the KPI measurement system. The firm was experiencing a siloed data environment with significant manual intervention in day-to-day functions and rudimentary use of analytics. Although willing to invest in state-of-the-art technology, the company lacked the appropriate outcome-focused reporting and insights to determine suitable investments.

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The first challenge was to integrate processes and set up a best-in-class measurement system for customer service KPIs, reduce manual intervention, and optimize the service environment to lower operating costs. As the relationship evolved and interim goals were met, the challenge became to improve customer experience and loyalty by synchronizing servicing across multiple channels and customer touch points through sustained analytics, reporting, and data management solutions.

Genpact approach

At the start of the relationship, Genpact performed a thorough root cause analysis, using Lean and Six Sigma principles, in three areas: reporting, analytics and data management.

Reporting

Value stream mapping to identify non-value-added workflows

Application of Lean concepts to reduce manual intervention through automation and digitization

Implementation of quality checks to proactively identify defects in reporting

Technology up-skilling of resources to adapt to evolving data environment

Analytics

Dedicated project management support to enable concentrated analytics

Setting up cost-benefit analytics process to handle business requests with an outcome-focused approach

Embedding analytics in to MIS framework to deliver regular insights and build a robust feedback mechanism

Genpact solution

True optimization of the contact center could be achieved only by complementing technological prowess with a defect-free measurement system, proactive decision-making aided by data-driven analytics, and end-to-end visibility of the customer journey through extensive data management practices.

Genpact has maintained a working relationship with this client since 2003, managing key business processes across functions such as marketing, risk, collections, and operations through application of predictive sciences, data analytics, and sustained reporting on KPIs. Over this period, the customer service operations team has grown by 50%, taking on additional processes and project areas.

The solution includes end-to-end reporting for voice and non-voice contact center processes and drives business impact projects. A reporting team with more than 20 members provides dedicated MIS support to deliver timely and accurate reporting on KPIs and business metrics across processes. An analytics team with more than 10 members drives advanced analytics projects to improve channel efficiency and customer experience.

Business impact

Genpact has delivered close to $40 million in cost savings through collaborative business projects and sustained thought leadership for data-driven analytics and intelligent reporting. Through reduced cycle time, an improved measurement system, enhanced databases and information management, and proactive analytics, the customer has seen fewer defects and a significant reduction in cost per contact due to enhanced agent proficiency and call elimination through self-service augmentation.

They have achieved data maturity by developing and integrating databases across channels and processes to enable richer analytics. Selected areas of improvement include: